Reliance to Buy BP’s PTA Plant in Malaysia?

11:10 AM MDT | August 16, 2012 | Deepti Ramesh

Reliance Industries (Mumbai) is in discussions with BP to buy BP’s 610,000-m.t./year purified terephthalic acid (PTA) plant at Kuantan, Malaysia, say Indian press reports. Reliance did not comment on the possible acquisition. “We will not comment on market speculation,” Reliance tells CW. Reliance gained polyester production assets in Malaysia through the acquisition of Malaysian polyester producer Hualon in 2007. The acquisition of BP’s PTA plant would help Reliance integrate its operations in Malaysia. BP, in 2010, sold its ethylene and...